In 2005 Mugansigorta & Londongate Azerbaijan Insurance deprived of licenses
During 2005 the Azerbaijani Finance Ministry annulled two licenses on insurance activities. Local Mugansigorta and joint Londongate Azerbaijan Insurance Co. (Azerbaijan-the UK) were deprived of the licenses, Baybala Khankishiyev, the head of the State Insurance Supervisory Division of the Finance Ministry, told Trend. Besides, the Ministry gave them time to fulfill liabilities under the existing contracts, but they are not eligible to conclude new one.
Thus, the number of the insurance companies comprises 28, while 6 of them are local companies.
According to Khankishiyev, the Ministry did not receive new address on issue of new license. It also does not plan to annul licenses of other companies on the results of the 2005 analysis of the activities of the current insurance company, as they fulfill demands on statutory capital, which must comprise 3bn manats as of 1 January 2006.